COLA
What can you do Now to Offset a Potentially Low COLA Increase?
With the COLA projected to be about 2.57%, which is lower than the 3.2% this year, here are some ways you can save money: create a budget, shop smarter, review your insurance needs, move to a cheaper state or downsize…
A Different COLA Perspective
The latest estimate projects a COLA increase of 2.57% in 2025, which is lower than it was in 2024. Of course, this is still an estimate and the actual number will be released in October. A smaller percentage could be…
“Fixing” Social Security–A quick recap of some of the ideas being advanced
Money.com’s Pete Grieve, in a post on nasdaq.com, provides a quick summary of five of the ideas currently circulating among various proposals to address Social Security’s looming insolvency problem. As Grieve points out, public sentiment for resolving the matter “sooner…
Another Scary Headline!
Reflecting on the “Latest News” article posted here Tuesday, we find another headline likely to cause concern among seniors until they read it. The article is titled “Seniors Losing Nearly $400 Each Month in Social Security: Report” and outlines a…
Too Much Dependence on Social Security Could be a Problem
A post by The Motley Fool’s Katie Brockman highlights the results of a recent Gallup poll in which 60% of those surveyed indicate that their Social Security benefits are a major source of their retirement income. Further, nearly 905 of…
The latest COLA estimate
The Social Security Administration typically announces the COLA for the following year in October; however, that has not stopped financial and Social Security experts from weighing in on the percentage for 2025. The government released July’s Consumer Price Index for…
Aim to be less reliant on Social Security COLAs
The official 2025 COLA will be released by the Social Security Administration (SSA) in mid-October 2024, usually around October 15th. However, the announcement may not be what seniors are hoping for. Why? Experts estimate a lower COLA than the previous…
How does the COLA work?
Each year, depending on the rate of inflation compared to the third quarter of last year, Social Security beneficiaries get a “Cost of Living Adjustment”. Next year, 2025, is expected to be low compared to the last few years. Christy…
Economist Predicts How a President Harris Would Handle Social Security Reform
Over 70 million people receive Social Security benefits. Angela Mae of Yahoo Finance asked Professor Dennis Shirshikov of City University of New York for his predictions on how Kamala Harris is likely to handle the impending insolvency of the program, should…
Understanding Cost-of-Living Adjustments
The annual Social Security cost-of-living adjustment (COLA) process is a component of the program generally understood by most current and future beneficiaries. The premise that COLA reflects inflation is part of this general understanding, of course, but the mechanics may…